Mutual Energy Annual Report 2010Press Release - 9th November 2009
Mutual Energy launched at Parliament Buildings: ‘A Northern Ireland company working for consumers’
caption: Paddy Larkin, Executive Director, Mutual Energy with Minister for Enterprise, Trade & Investment, Arlene Foster, MLA at the Mutual Energy launch in the Long Gallery, Parliament Buildings.
Mutual Energy, the company previously known as Northern Ireland Energy Holdings, unveiled its new name and brand identity at a reception in the Long Gallery, Parliament Buildings today (Monday 9th November). The company has adopted the new name, Mutual Energy Limited, to better convey its purpose and key objectives as a company limited by guarantee (also known as a ‘mutual’) which exists to own and operate energy infrastructure assets for the benefit of Northern Ireland energy consumers.
Mutual Energy owns and operates some of Northern Ireland’s key energy infrastructure assets, including the Moyle electricity interconnector, the Scotland to Northern Ireland gas pipeline (SNIP) and the Belfast Gas Transmission Pipeline. The company manages around £500 million in strategic energy infrastructure, making it Northern Ireland’s second biggest energy utility. It does so on behalf of customers, with all the benefits of the low cost of capital and operational efficiencies being returned to Northern Ireland’s energy consumers. Earlier in the year the company contributed £11.9 million to keeping electricity prices down, following on from a contribution of £3.5 million last year. Essentially under the mutual model, Mutual Energy operates core energy infrastructure assets at a much lower cost to the consumer than under the previous, non-mutual model.
Today’s reception, which was hosted by Dr Alasdair McDonnell, MLA, Chair of the All Party Assembly Group on Energy, was attended by around 60 key stakeholders from across the Northern Ireland energy sector as well as MLAs and local councillors. Speaking at the launch, Paddy Larkin, Executive Director, Mutual Energy said ‘Our new name Mutual Energy simply conveys our business focus. We are an energy business and we are a mutual, with all the benefits of our gas and electricity transmission businesses being returned to Northern Ireland energy consumers. We look forward to continuing to provide a safe, reliable service at a lowest cost under our new company name, Mutual Energy’.
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Notes for Editors:
1. Mutual Energy is the new name for Northern Ireland Energy Holdings. The new company website is www.mutual-energy.com.
2. For further information contact Owen McQuade, Lagan Consulting
028 9261 9550 or (mob) 07967 094494.